Coins
The pound sterling topped the list of most profitable currencies at the opening of the first weekly American sessions, with a rate of 0.92% against its counterparts in other major currencies.
In this regard, the sterling’s gains were driven by market optimism about economic growth in Britain as a result of the international rating agency Moody’s changing the future outlook for Britain’s economy to stable from negative, in a report issued last Friday, saying that Britain was able to regain the ability to predict policy after the increasing volatility of the year. The past about the mini-budget that was approved during the era of then British Prime Minister Liz Truss, confirming the country’s rating at “Aa3”, and this, in turn, boosted the gains of the pound sterling in the currency market.
In second place to the pound sterling, the euro, or the unified European currency, recorded gains against other major currencies of about 0.7%, benefiting from the rise in government bond yields in the euro zone at a strong pace, which enhanced investors’ purchase of the European currency, and then the euro’s rise.
The currency markets are awaiting the issuance of the European Central Bank’s monetary policy decision on the sidelines of its meeting scheduled to be held next Thursday, amid expectations that the European Central Bank will keep interest rates unchanged at 4%, but the currency markets are waiting to obtain any hints or signals about when and how the central bank intends to… The European Union reduced its bond holdings in the pandemic era, and the next monetary policy path.
Moreover, both the US dollar and the Swiss franc stabilized with the opening of the American session of the currency market today, as the US dollar awaits a week full of economic data, which will affect the dollar’s upcoming trading in the currency market.
In this context, currency markets are awaiting the release of gross domestic product data in the United States during the third quarter and the preferred inflation data of the US Federal Reserve, and their strong implications for the actions of the US Federal Reserve regarding the interest rate raising cycle that the central bank has adopted since March 2022 to control inflation. high in the United States.
As for the Swiss franc, the currency market is awaiting developments in the Middle East region and its impact on the movements of the Swiss franc against other major currencies, given that it is one of the most famous safe-haven currencies in times of geopolitical turmoil.
2023-10-23 13:13:06
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